Annual Report of Coromandel Engineering Company Limited for the FY 2024-25
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Coromandel Engineering Company reported FY25 revenue of ₹3,128.89 Lakhs, a sharp 67% decline from ₹9,663.81 Lakhs in FY24, reflecting weak execution in its core EPC/construction business. Despite the revenue drop, the company swung to a Net Profit After Tax of ₹41.49 Lakhs compared to a loss of ₹439.73 Lakhs last year, with EPS improving to ₹0.12 from -₹1.32. PBT before exceptional items improved to -₹95.98 Lakhs from -₹361.89 Lakhs. Reserves remained deeply negative at -₹2,698.19 Lakhs, and loan funds increased to ₹2,259.34 Lakhs from ₹1,667.85 Lakhs. The statutory auditors issued an unqualified opinion but flagged six Emphasis of Matter points, including unpaid MSME dues of ₹7.26 crore, GST/TDS payment delays, PF contribution shortfalls, missed IDFC First Bank loan repayment schedules, and GST ITC reconciliation errors. No dividend was declared.
The profit turnaround is positive on paper, but it comes on a much smaller revenue base and is supported by one-off items like a ₹3.17 crore plant revaluation. Persistent negative reserves, rising debt, MSME payment defaults, and repeated compliance lapses (BSE penalty paid) point to underlying financial stress. Shareholders should view the headline profit with caution as the order book and working capital health remain weak.